Author

Athena Sharma

Senior Consulting Director at Artefact UK

Author

Chris Thomson

Account Director – Strategic Finance Accounts at Treasure Data

In today’s data-driven world, customer data has become a strategic asset for businesses across various industries. Retail banks and insurance companies, in particular, face unique challenges in harnessing customer data effectively to drive business growth and enhance customer experiences. The challenges of democratising customer data is further compounded by regulatory, risk and compliance pressures, turning what could be the fuel for significant growth into another layer of complexity that needs to be managed.

Common FSI Challenges but One Unique Solution

  • No single view of the customer: Retail banks and insurance companies often collect vast amounts of customer data from disparate sources, resulting in fragmented data silos. These silos hinder a comprehensive understanding of customers, limiting the ability to deliver personalised experiences and targeted marketing campaigns.

  • Data Security and Compliance: Financial services are subject to stringent regulations and must protect customer data. Ensuring compliance while maintaining data security can be complex and resource-intensive, especially when dealing with multiple data sources and systems.

  • Limited Contextually Relevant Engagements: Legacy systems often fail to deliver real-time insights and personalised engagement opportunities to customers. Retail banks and insurance companies struggle to provide timely and contextually relevant communications, resulting in missed opportunities to enhance customer satisfaction and drive revenue growth.

This is where the Treasure Data and Artefact Customer Data Platform (CDP) solution steps in, offering immense potential to unlock the value hidden within vast volumes of customer data.

5 Ways Our CDP Solution Unlocks Value for Financial Services

Business value that can be delivered at pace lies at the heart of the Treasure Data and Artefact CDP offer. We are not just another technology solution provider, we pride ourselves in our ability to demonstrate the value of our CDP through data driven business use cases within the first 100 days, whilst seamlessly integrating with your existing IT infrastructure and enabling user journeys across your organisation.

A unified customer view or Customer 360, is the first critical step in our journey to enable a wide range of use cases. The Treasure Data CDP acts as a central repository, consolidating customer data from various sources such as transactional records, social media, web interactions, and call centre logs. By integrating and unifying this data, retail banks and insurance companies can create a 360-degree view of each customer, enabling deeper insights and personalised experiences. Here are the top 5 use cases we see as the most valuable for retail banking and insurance industry players.

  • Personalisation and Segmentation: The biggest win our CDP offers your business is the ability to personalise your offers and better segment your customers for targeted sales and marketing activities, which tangibly and directly impact top line revenues.  With a comprehensive view of each customer’s transaction history, preferences, and behaviour patterns, our CDP solution helps you to develop targeted marketing campaigns, product offerings, and pricing strategies, leading to improved customer acquisition and retention.

  • Customer Journey Optimisation: We provide insights into the entire customer journey, from initial contact to conversion and beyond. By mapping and analysing customer interactions across multiple touchpoints, retail banks and insurance providers can identify pain points, bottlenecks, and areas for improvement. This helps optimise processes, streamline onboarding experiences, and enhance customer service, resulting in improved customer satisfaction and loyalty.

  • Improved Cross-Selling and Up-Selling: Our solution can help identify cross-selling and upselling opportunities based on customer behaviour and preferences. By understanding customers’ financial needs, life events, and transaction history, banks and insurance providers can offer relevant additional products and services at the right time. This not only increases revenue per customer but also strengthens the overall customer relationship.

  • Customer Lifetime Value and Churn Prevention: We enable our CDP users to evaluate customer lifetime value (CLV) accurately. By analysing customer data, including revenue generated, product usage, and churn behaviour, banks can identify high-value customers and develop targeted retention strategies. This enables banks to allocate resources effectively and focus on maximising the value derived from long-term customer relationships.

  • Risk Assessment and Compliance: By integrating and analysing data related to creditworthiness, transaction patterns, and external risk indicators, banks can assess customer risk profiles more accurately. This helps in making informed lending decisions, reducing default rates, and ensuring compliance with anti-money laundering (AML) and Know Your Customer (KYC) regulations.

What Can You Do Next?

In today’s complex market environment, customer data is the engine that drives your business outcomes and keeps you competitive. Our tried and tested CDP offer can empower you with the right customer data insights to enhance operational efficiency, revenue growth, and customer satisfaction.

But what makes us different? How do we fit into your unique ecosystem? And most importantly, how will we help you demystify your customer data challenges and demonstrate direct business value? Get in touch to get a personalised perspective on how we can help you accelerate value creation.

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